Korean Fashion Branding Startup EASTEND Raises KRW 5 Billion in Series B funding
Korean fashion branding startup EASTEND has announced that it successfully raised KRW 5 billion in Series B funding.
The investment was led by BNK Venture Investment and Woori Bank, with participation from Capstone Partners as a follow-on investor. This brings the total investment in the company to KRW 130 billion. BNK Venture Investment and Woori Bank are making their first investment in a fashion brand operator and highly evaluated EASTEND’s capabilities in fashion brand development, as well as its data-driven production and inventory management performance.
Founded in 2016, EASTEND operates five in-house brands, namely City Breeze, Atide, Rosly, and Hummer, primarily through online direct-to-consumer (D2C) channels. The company adopts a small-batch production approach that aligns with the consumption trends of its main customer base. By internalizing all processes, including design, production, logistics, marketing, and sales, EASTEND provides high-quality products at affordable prices. It has also established an agile production system suited for online sales, resulting in a lower inventory rate compared to brands focused on offline stores.
Through its distinctive distribution and sales structure, as well as its marketing strategy, EASTEND has successfully positioned itself as a popular brand on major fashion platforms such as Musinsa, W Concept, and 29CM. In 2022 alone, EASTEND achieved a cumulative transaction volume exceeding KRW 50 billion, with an annual growth rate of over 90%.
With this investment, EASTEND plans to concentrate on strengthening its brand competitiveness and preparing for global expansion. It aims to expand its customer base through brand renewal and marketing efforts while further solidifying its position in the domestic market.
Furthermore, EASTEND intends to enter overseas markets such as China, Japan, and Southeast Asia. To make significant progress in these markets, the company plans to establish local subsidiaries and build a robust logistics infrastructure. In particular, it seeks to gain a competitive advantage by utilizing big data to analyze overseas consumer responses and develop products accordingly.
Song Jin-hwa, an investment manager at Capstone Partners, expressed their decision to provide follow-on investment in EASTEND, citing the company’s extensive experience in the fashion brand market, the growth potential of the fashion e-commerce industry, and its capabilities in planning overseas production. They eagerly anticipate EASTEND’s future growth in both the domestic offline market and the international market.
Kim Dong-jin, CEO of EASTEND, stated, “Through this investment, EASTEND has laid a foundation to become a leading player in the domestic fashion e-commerce market. We are committed to delivering a differentiated fashion experience to our customers by strengthening our in-house production system and brand development capabilities.”
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